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TradeIX and R3’s Marco Polo Network just announced that it has successfully completed what it’s calling the largest open trade finance on the Corda platform. The trial run involved 70 organizations, with participants ranging from the financial sector and real estate to information technology and automotive juggernauts.
The trial, which took place in a seven-week period, aimed to examine the efficiency of the network to streamline the operations of the participants, 100% of which believe that trade finance and working capital solutions based on distributed technology can improve their respective sectors. To be specific, the trial particularly focused on receivable financing - a practice where a business sells its account receivables to another company to mitigate risks and acquire immediate payout.
According to the press release, over 700 funding requests have been completed during the testing, with participants only needing one-day training to fully use the solution. This proves that the Marco Polo platform can be adopted by organizations easily, eliminating the fear that onboarding might increase spending for the companies interested in adopting the new process.
Streamlining operations
Dutch Bank ABN AMRO was one of the many entities that participated during the trial. Arnout Buschenhenke, innovation manager platforms and DLT (Digital Ledger Technology) ecosystems at ABN AMRO, said that this will be an important milestone for the future of the financial industry as it opens up doors for future product development.
“The participation of ABN AMRO in this trial demonstrates our belief that new technologies together with cocreation in cross-industry ecosystems will shape innovation in the financial and trade system. This was a valuable collective learning and development effort together with peers, business partners, and clients. This is key to develop new products and services and to make global markets operate more efficient and seamless in the interest of our clients,” Buschenhenke said.
An overwhelming positivity
Representatives of Citizen Bank, SBI Holdings, Commerzbank AG, and several other firms have expressed the same sentiment.
R3 has been hard at work in pushing DLT and blockchain adoption across multiple sectors in a bid to accelerate the growth of the innovations in the years to come. It’s expected that more projects will be launch next year as the crypto space continues to penetrate both private and government sectors thanks to the advantages that it provides.
